Hines submits new plans for Cannon Street redevelopment (US/UK)

The US-based developer, Hines, has submitted plans for a 390,000 sq ft office building above Cannon Street station in the City of London.

The new Foggo Associates-designed scheme will replace the existing 1960s office building above the station, and has won the support of the GLA, the Corporation of London and CABE. Hines is currently in discussions with the freeholder, Network Rail, over the scheme.

Consent was originally granted for the redevelopment of the building eight years ago, but Hines has now submitted a new application for an eight-floor scheme with floorplates of around 50,000 sq ft each.

Tenants at the existing building have agreed extensions or renewals, meaning that the building will continue to generate a rental income until work begins on the site. Construction is expected to begin in 2006, with completion scheduled for 2010.

Hines Development Director, Andrew Reynolds, commented: “There is demand for this kind of space in the City. We would multi-let from day one, with a building that can be highly flexible.”